Chief executive, Inga Beale and chairman, John Nelson echoed on another in their support for the insurance industry to embrace the UK’s ever-growing technology sector.

Whilst speaking at the Lloyd’s FinTech event, The Technology Revolution, both Beale and Nelson emphasised the UK’s need to keep pace with the rest of the world through a partnership between the insurance industry and technology sector. Beale remarked: “when we visit some of the global “emerging” markets for insurance, what surprises us is how much they are embracing technology”.

Stressing the importance of developing an “ins tech” identity for the survival of the UK’s insurance market, Nelson declared, “for Lloyd’s and other London insurers and reinsurers to maintain growth in the global specialist market over the next few years, we have to evolve and adapt. It we stand still, we will all get left behind”.

The pair also expressed their belief that London could pioneer the FinTech revolution, with Nelson adding, “we have a unique and world-beating combination of a globally dominant financial services and insurance industry, sitting alongside a rapidly expanding tech sector rivaling Silicon Valley”.